for anyone following my trades, i decided to sell half of all my
gold stock holdings on the open and I bought a large amount of out
of the money puts for Jan on the GDX
If we continue down throughout the day i will probably cover
some of those puts
Guys here is a quote from a newsletter i subscribe to and one of
the main reasons why i went short the GDX in a big way with puts on
the open
"As a final rough comparison, we went back and added up the entire
second half of 2008 in terms of Total Combined Dollar Call and Put
Volume. The total is approximately $722 million Dollars. That means
that in just the last 10 trading days at $516 Million dollars in
Total Call Volume, the GLD has traded in Call Options about 71% of
the total Combined volume that it took 6 months to trade from June
to December 2008. While we know there are many people suggesting
that the MANIA in Gold is just beginning, these kinds of one sided
data points almost always suggest that an interim top, and likely a
very important interim top is being set in place. "
The problem I have with most of these gold bug doom Bug doom and
gloomers is that they are always bullish on gold, never tell you
gold is topy and to sell, it's always buy buy buy, even at tops.
They are not good timers, they are long term buy and holders,
which obviously has worked well for gold the last 10
years, but you can't use those guys for timing.
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GDX puts
Posted by rank10 on 7th of Oct 2010 at 09:47 am
for anyone following my trades, i decided to sell half of all my gold stock holdings on the open and I bought a large amount of out of the money puts for Jan on the GDX
If we continue down throughout the day i will probably cover some of those puts
lots of volume coming out
Posted by rank10 on 7th of Oct 2010 at 10:24 am
lots of volume coming out of the GLD this morning
we are already at the 50 day average of 11million
look at the amount of volume that came out in the december on the first major decline day......i see this also as a negative
Guys here is a quote
Posted by rank10 on 7th of Oct 2010 at 10:17 am
Guys here is a quote from a newsletter i subscribe to and one of the main reasons why i went short the GDX in a big way with puts on the open
"As a final rough comparison, we went back and added up the entire second half of 2008 in terms of Total Combined Dollar Call and Put Volume. The total is approximately $722 million Dollars. That means that in just the last 10 trading days at $516 Million dollars in Total Call Volume, the GLD has traded in Call Options about 71% of the total Combined volume that it took 6 months to trade from June to December 2008. While we know there are many people suggesting that the MANIA in Gold is just beginning, these kinds of one sided data points almost always suggest that an interim top, and likely a very important interim top is being set in place. "
Nice stats Rank, those call
Posted by matt on 7th of Oct 2010 at 10:22 am
Nice stats Rank, those call numbers are something to take note of
Thanks guys, very helpful.
Posted by frtaylor on 7th of Oct 2010 at 10:13 am
Thanks guys, very helpful.
For us novices, and because
Posted by frtaylor on 7th of Oct 2010 at 09:53 am
For us novices, and because I'm just getting in the chair, what's happening w/ gold? Where do you go for news on gold? Thanks.
the gold trade is getting
Posted by rank10 on 7th of Oct 2010 at 10:02 am
the gold trade is getting too crowded in my opinion.....this is my contrary view and why i decided to upload a great deal of my stock today
I shorted OIL yesterday, added
Posted by Michael on 7th of Oct 2010 at 10:16 am
I shorted OIL yesterday, added this morning....
ditto - easy enough to
Posted by Palladin on 7th of Oct 2010 at 10:16 am
ditto - easy enough to get back in down the road a little...
kitco.com
Posted by fixdgear on 7th of Oct 2010 at 09:55 am
lemetropolecafe.com jim sinclair's mineset.com
Posted by jbidmt on 7th of Oct 2010 at 10:01 am
lemetropolecafe.com
jim sinclair's mineset.com
yeah but does he ever
Posted by matt on 7th of Oct 2010 at 10:11 am
yeah but does he ever turn bearish on gold?
The problem I have with most of these gold bug doom Bug doom and gloomers is that they are always bullish on gold, never tell you gold is topy and to sell, it's always buy buy buy, even at tops. They are not good timers, they are long term buy and holders, which obviously has worked well for gold the last 10 years, but you can't use those guys for timing.